The bank says its new Simplii Financial brand will provide no-fee daily banking through online, mobile and telephone channels in much the same way that PC Financial has offered its roughly two million clients.

The new division will provide more options for the full range of client needs, from no-fee online banking to more advice-oriented customer service, Boluch said in an interview before the official announcement.

“We see a wide spectrum of client needs, and we see this as being an important part of that spectrum,” Boluch said. “We’re pretty confident there’s a place for both business models.”